Collaboration Between EDF and TAQA Geothermal to Transform Saudi Arabia's Energy Landscape

Strategic Partnership to Propel Geothermal Energy in Saudi Arabia

In a significant move towards enhancing geothermal energy capabilities in Saudi Arabia, EDF Saudi Arabia has partnered with TAQA Geothermal Energy Company by signing a strategic Memorandum of Understanding (MoU). This landmark agreement was formalized during the third PIF Private Sector Forum, taking place at the King Abdul Aziz International Conference Center in Riyadh.

The MoU was endorsed by Omar Aldaweesh, CEO of EDF Saudi Arabia, and Meshary Al-Ayed, CEO of TAQA Geothermal. This collaboration aims to innovate geothermal energy technologies that encompass power generation and HVAC applications, as well as Compressed Air Energy Storage solutions.

Omar Aldaweesh highlighted that this partnership signifies a pivotal step in EDF's ongoing commitment to Saudi Arabia's energy sector. For over a decade, EDF has been actively engaged in the country's energy market, emphasizing sustainable energy solutions. The MoU not only enhances their collaboration but also aligns with both Saudi Arabia's Vision 2030 and EDF's Ambitions 2035, reinforcing their dedication to sustainability and a cleaner energy future.

Meshary Alayed shared his perspective on the agreement, stating, "Utilizing geothermal energy, whether for direct heat applications or electricity generation, represents a vital and currently underutilized resource in the shift towards clean energy. This partnership is set to redefine space cooling through geothermal solutions, significantly enhancing energy efficiency and reducing carbon footprints."

By pooling their expertise, TAQA Geothermal and EDF aim to deliver groundbreaking geothermal energy technologies, fulfilling the Kingdom's increasing energy demands while adhering to Vision 2030 goals focused on economic diversification and renewable energy mandates set forth by the Ministry of Energy.

This collaboration marks a progressive milestone for both companies, laying a foundation for pioneering geothermal energy solutions that could spearhead cleaner and more efficient power generation processes in Saudi Arabia. With their combined efforts, the two companies intend to harness the full potential of geothermal resources, establishing the Kingdom as a leader in renewable energy innovation.

About EDF Group

The EDF Group stands as a principal figure in the global energy transition, engaging across the entire energy value chain from power generation, distribution, to trading and energy services. Renowned for its low-carbon energy production, the group is a key player in the nuclear and renewable sectors, amassing a substantial output of 434TWh. EDF is committed to pioneering new technologies with an aim to create a net zero energy future, enhancing environmental sustainability as well as economic development. They serve approximately 40.9 million customers, generating consolidated sales of approximately €139.7 billion in 2023.

About TAQA Geothermal Energy Company

TAQA Geothermal is a joint venture that emerged from the collaborative efforts of the Public Investment Fund (PIF) and Reykjavik Geothermal, a frontrunner in geothermal resources development based out of Iceland. Established in 2023, TAQA Geothermal is involved in comprehensive geothermal consultancy and project management, engaging in resource assessments and executing exploration programs aimed at unlocking the potential for sustainable geothermal energy in the region.

For additional information regarding EDF’s initiatives in Saudi Arabia, visit ksa.edf.com and for more about TAQA Geothermal's projects, check out TAQA Geothermal.